As part of the Fed’s year-long review of its monetary policy strategy, tools and communications practices, the St. Louis Fed is assembling members of its six advisory councils, representing a geographically and industry-diverse group of stakeholders.

Bullard Speaks with CNBC about His Economic Outlook, Low Inflation

St. Louis Fed President James Bullard discussed his economic outlook and some downside risk going forward, including a global manufacturing contraction. “I’d like to take out more insurance against the downside risk,” he said in an interview on CNBC’s Squawk Box. He added that the Federal Reserve could take the insurance back next year if it turns out that the downside risk is going to blow over.

Bullard also reiterated his concern about inflation below the Fed’s 2% inflation target. “The U.S. economy has surprised to the upside for the last 2 ½ years, and you would expect inflation to be probably above target in this environment,” he said. “That’s not the situation we’re in. So I’d like to focus on that and get that to happen.”